College student... Financial mess... Need advice...

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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VictoriaF
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Re: College student... Financial mess... Need advice...

Post by VictoriaF » Thu Nov 09, 2017 10:05 pm

As I was reading the thread, I came up with another possible solution:

The OP would transfer his half of the lease to the third person, a woman. Let's call her Lisa. Lisa would pay the OP, e.g., $500/month, and share the apartment with his ex-girlfriend. The OP would continue living rent-free with the relative and pay the entire rent for the shared apartment. This arrangement would provide several advantages:
- The OP would get at least some money back.
- The apartment would not be trashed.
- The ex-girlfriend would not take advantage of the situation and bring in her friends.
- The OP would not risk getting back into a bad relationship.
- Lisa would get a cheap place to stay for $500.
- The ex-girlfriend may get find someone else to live with, and the OP would be off the hook sooner than the end of the lease. He would compensate Lisa for the trouble.

By the time I have finished reading I learned that the situation got resolved. Still, I am curious if my solution would work.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Sandtrap
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Re: College student... Financial mess... Need advice...

Post by Sandtrap » Thu Nov 09, 2017 10:31 pm

YoungBuck wrote:
Thu Nov 09, 2017 9:00 pm
Thanks to all for the helpful advice.

I told the landlord I’m done, out, gone, after I paid the November rent in good faith. The landlord issued a new lease to my ex girlfriend solely in her name. She is planning to find a roommate but that is not my concern. I’m just happy that my name is off the lease.

And the electric, gas, and cable has all been transferred to her name. Her cell phone was under a 2 year contract under my name, so I just paid off all the money owed on her expensive iPhone to allow me to cancel the service under my name. Now she owns the phone that I just gifted to her, and she is free to have service under her own name as she wishes.

In the end, I lost my 1400 security deposit, the 700 I paid for her November rent, and the 450 I paid off on her phone. Ouch! But I can move forward with a clean slate, without risking ruining my credit. It could have been a lot worse.

And as I said, thanks again to all for the helpful advice and in particular for the perspective of the landlords who posted.
That is an awesome story! . . . And, I DO love success stories.
Everyone here is "rooting" for you and celebrating. :sharebeer
Now it's all "water under the bridge".
Go forth and conquer. :D

Post back here to keep in touch.

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Sandtrap
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Re: College student... Financial mess... Need advice...

Post by Sandtrap » Thu Nov 09, 2017 10:37 pm

VictoriaF wrote:
Thu Nov 09, 2017 10:05 pm
As I was reading the thread, I came up with another possible solution:

The OP would transfer his half of the lease to the third person, a woman. Let's call her Lisa. Lisa would pay the OP, e.g., $500/month, and share the apartment with his ex-girlfriend. The OP would continue living rent-free with the relative and pay the entire rent for the shared apartment. This arrangement would provide several advantages:
- The OP would get at least some money back.
- The apartment would not be trashed.
- The ex-girlfriend would not take advantage of the situation and bring in her friends.
- The OP would not risk getting back into a bad relationship.
- Lisa would get a cheap place to stay for $500.
- The ex-girlfriend may get find someone else to live with, and the OP would be off the hook sooner than the end of the lease. He would compensate Lisa for the trouble.

By the time I have finished reading I learned that the situation got resolved. Still, I am curious if my solution would work.

Victoria
I have yet to see a lease that is transferrable by a renter. To my knowledge, no sane landlord would allow that clause. The variant of that is to sublet. And, most experienced landlords specifically have that in the rental contract as a No Go.
However, a landlord can be approached, which happens often, especially with military where 2 folks are renting and one goes on extended deployment. Anyway, the landlord can either have a lease addendum to sub in a new person or write up a new lease with the changes.

DarthSage
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Re: College student... Financial mess... Need advice...

Post by DarthSage » Fri Nov 10, 2017 7:20 am

Go forth, poorer but wiser, young man!

Seriously--it was an expensive lesson, but this could have ended much worse. Glad you got yourself out of this.

Caduceus
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Re: College student... Financial mess... Need advice...

Post by Caduceus » Tue Nov 14, 2017 5:47 am

You sound like a good person, and you gotta be careful that you don't allow people to take advantage of you again like that. Great to hear you got out of this situation with minimal loss.

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djpeteski
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Re: College student... Financial mess... Need advice...

Post by djpeteski » Tue Nov 14, 2017 6:34 am

YoungBuck wrote:
Thu Nov 09, 2017 9:00 pm
Thanks to all for the helpful advice.

I told the landlord I’m done, out, gone, after I paid the November rent in good faith. The landlord issued a new lease to my ex girlfriend solely in her name. She is planning to find a roommate but that is not my concern. I’m just happy that my name is off the lease.

And the electric, gas, and cable has all been transferred to her name. Her cell phone was under a 2 year contract under my name, so I just paid off all the money owed on her expensive iPhone to allow me to cancel the service under my name. Now she owns the phone that I just gifted to her, and she is free to have service under her own name as she wishes.

In the end, I lost my 1400 security deposit, the 700 I paid for her November rent, and the 450 I paid off on her phone. Ouch! But I can move forward with a clean slate, without risking ruining my credit. It could have been a lot worse.

And as I said, thanks again to all for the helpful advice and in particular for the perspective of the landlords who posted.
As an adult, mistakes are typically solved with writing checks. This is a relatively small one, in relationship to your lifetime earnings. Learn from this and try not to make the same mistake again.

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samsoes
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Re: College student... Financial mess... Need advice...

Post by samsoes » Tue Nov 14, 2017 7:31 am

YoungBuck wrote:
Thu Nov 09, 2017 9:00 pm

I told the landlord I’m done, out, gone,
In the end, I lost my 1400 security deposit, the 700 I paid for her November rent, and the 450 I paid off on her phone. Ouch! But I can move forward with a clean slate, without risking ruining my credit. It could have been a lot worse.
Indeed. You dodged a bullet, my young friend, and at quite a bargain. A divorce years down the road would have cleaned your clock.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. (Avatar is the statue of Gen. Warren at Little Round Top @ Gettysburg National Military Park.)

Flashes1
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Re: College student... Financial mess... Need advice...

Post by Flashes1 » Tue Nov 14, 2017 12:55 pm

The first loss is often times the least expensive loss.

joeblow
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Re: College student... Financial mess... Need advice...

Post by joeblow » Tue Nov 14, 2017 11:27 pm

Both signed the lease, therefore both on the hook.

There a lots of options, try these on for size...

1) pay the $9800 and walk away. Meh...
2) move back in and tell the ex she can stay as long as she pays her half per the lease.
3) move back in, with obnoxious roommate, and tell the ex she can stay as long as she pays her half per the lease.
4) move back in, with your new girlfriend, and tell the ex she can stay as long as she pays her half per the lease.

If she doesn't pay, box her stuff up and put it on the street.

Edit: Looks like you figured out a solution. Not how I would have done it, but I'm glad you are able to move on.

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